Going by a press statement deleivered recently in Cameroon’s economic capital – Douala, close to 200 800 direct and indirect employees and jobers with MTN Cameroon may loose their jobs. The Chief Executive Office (CEO) of the telecom giant was speaking on a case in Douala base court concerning BESTINVER and its associate companies.
“MTN CAMEROON directly employs over 800 Cameroonians and over 200,000 Cameroonians indirectly through its various partnership agreements” Mitwa Ng’ambi said
The CEO who was breaking the silence on a court matter stated that her institution has nothing to do with a “private matter between BESTINVER and its banker in South Africa.”
“It was therefore shocking for us to be brought into the matter through Cameroonian court where BESTINVER was able to obtain a court order to garnish the bank accounts of South-African-owned companies based in Cameroon, even though these companies are not directly or indirectly involved in the dispute in South Africa.” She said
Read her entire opening remarks on the BESTINVER case recently in Douala
Opening remarks by MTN Cameroon's CEO at the press conference on the BESTINVER case. Douala on 14th June 2023
Mitwa Ng’ambi speaking during the press conference in Douala
Ladies and Gentlemen of the Press,
I would like to thank you for joining us this morning. I also thank you for your patience considering the various enquiries we have received from you related to the legal battle that MTN CAMEROON has been undergoing over the last ten months. The legal battle I refer to more specifically is the one related to BESTINVER and its associated companies. We have refrained from directly and officially expressing our views given the ongoing matters in court. We would however through this engagement like to shed more light on our plight and the unfortunate circumstances in which MTN CAMEROON now finds itself.
As you are aware, this matter not only affects MTN CAMEROON but CHOCOCAM as well. We were both brought into this case despite having no relation whatsoever with BESTINVER and its associated companies. As has been covered by the media, we understand that BESTINVER, encountered issues with its banker in South Africa, however this has nothing to do with MTN. The details of what happened are a matter of public record and can be verified by public court documents of the South African courts. It is clearly a private matter between BESTINVER and its banker in South Africa, and has nothing to do with MTN CAMEROON.
It was therefore shocking for us to be brought into the matter through Cameroonian court where BESTINVER was able to obtain a court order to garnish the bank accounts of South-African-owned companies based in Cameroon, even though these companies are not directly or indirectly involved in the dispute in South Africa.
I would like to remind you that,
MTN CAMEROON is a company incorporated under Cameroonian law since February 2000, owned by both local and international shareholders. Our shareholding structure which has nothing to do with BESTINVER’s bankers is a matter of local public record and can be verified by all.
MTN CAMEROON directly employs over 800 Cameroonians and over 200,000 Cameroonians indirectly through its various partnership agreements.
MTN Cameroon is a company that has always kept its commitments to Cameroon, in terms of investments, taxes paid, jobs created and technological progress. We have also always taken care to conduct our activities in Cameroon in strict compliance with Cameroon's laws and regulations.
It is therefore extremely alarming and concerning that a committed and consistent investor in the Cameroonian economy can be treated this way.
We have had no access to funds in our operational bank accounts for ten months now and our silence must not be construed as this action not having significant impact on our business operations.
Despite the last ten months, we have endeavored, with the support of our various business and banking partners to continue in operation – this is however not sustainable at all and if not resolved poses serious risk to our continuation.
As a communication provider to over twelve million Cameroonians we have suppliers to pay, employees to remunerate and services that need maintenance. The blockage of our operational accounts continues to pose serious risk to business operation and further threat to our ability to continue to invest in the network. It is important that we all understand the crisis that lies ahead if this matter is not resolved speedily.
We are further alarmed by recent rulings received that are ordering our banking partners, under penalty of up to 100 million francs per day of delay, to transfer our legitimately owned funds into the account of the Registrar-in-Chief of the Court of First instance Bonanjo-Douala, which registrar has been awarded a commission of 0.3% of the sums transferred.
The court refused our proposal and that of our bankers that the funds remain with the Banks where it will serve the Cameroonian Economy, be sent to the Central Bank (BEAC) or be sent to the CAISSE DE DEPOTS ET ONSIGNATIONS!
After being in Cameroon for 23 years, we simply do not understand the injustice that has befallen us for ten months now.
We are continuing to make the authorities aware of this injustice and the risks it poses to both our business and the national economy. We will naturally use all the legal means at our disposal to firmly defend MTN CAMEROON's interests in this unjust affair, and to obtain a rapid resolution of the ensuing crisis.
For further detail on the matter, we will circulate our official statement for release and would further welcome any questions that you may have on this matter.
Thank you very much